The co-trustees of the trust of Donald Callender, heir to the Marie Calendar restaurant fortune, brought a petition for the court to interpret how the royalties from the restaurant chain should be divided between his wife and two children. The trial court ruled that the trust was ambiguous. But, the appellate court reversed, holding the trust was clear that Donald’s intent was to split the royalties equally between his heirs.
The filing requirements for Form 8971, causing an executor or trustee to report tax basis for assets distributed to beneficiaries from an estate or trust, have now become a reality. Read further to finds out more about this new requirement for executors and trustees and the consequences of not complying…
Seniors often want to reward caregivers for services by giving the caregiver a gift or bequest. Because a caregiver is in a position of power and trust, such gifts or bequests are often scrutinized and found to have been induced by undue influence. Such was the case with Eva Barnes and her caregivers, Michelle and Dennis Wells.
A review of their estate plan should be one of your client’s New Year’s resolutions. The following checklist should be of assistance in making sure your client’s financial house is in proper order.
Special needs beneficiaries require special planning to preserve their benefits. The Disabled Military Child Protection Act makes it easier for special needs beneficiaries of veterans to keep government benefits.
Estate planning is much more than preparing a Will. The stories of Robin Williams, Joan Rivers, and Kasey Casey demonstrate how a comprehensive estate plan can make handling a lifetime incapacity or an unexpected death much easier for loved ones.
In this month’s e-alert, we discuss the continuing need for estate planning for LGBTQ couples, even in light of the United States Supreme Court’s decision in Obergefell v. Hodges.
In Estate of Sarah O’Hare, the mother of a disabled child, serving as the guardian of her estate, was found personally liable for over $400,000. The court found that she used the guardian estate funds to benefit her and other members of the family and did not administer the estate for the sole benefit of her daughter. This case demonstrates the importance of fiduciaries of all types understanding their duties to the beneficiaries who are intended to be benefitted by the funds they are administering.
The Internal Revenue Code and Treasury Regulations concerning trusts as beneficiaries of retirement plans and IRAs are fraught with traps and contradictions. It seems sometimes the exceptions to the rules outnumber the rules themselves. This month’s E-Alert discusses a recent Private Letter Ruling stating that a spousal rollover of an IRA is not available when the beneficiary of the IRA is a trust, but then stating the exception under which a spousal rollover may be available. It is another example of how careful planning is crucial when dealing with retirement assets.
This month’s Alert examines the rules regarding distributions from IRAs and retirement plans. In particular, it examines reasons to make a trust the beneficiary and rules regarding who is the measuring life for minimum required distribution purposes.